Thank you for joining us for Navios Maritime Partners Second Quarter 2019 Earnings Conference Call. With us today from the company are Chairman and CEO, Ms. Angeliki Frangou; Chief Financial Officer, Mr. Efstratios Desypris; and Executive Vice President of Business Development, Mr. Georgios Achniotis.As a reminder, the conference call is being webcast. To access the webcast, please go to the Investor Section of Navios Partners website at www.navios-mlp.com. You'll see the webcast link in the middle of the page and a copy of the presentation referencing today's earnings conference will also be found there.Now, I’ll review the safe harbor statement. This conference call could contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Navios Partners. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are based upon the current beliefs and expectations of Navios Partners management and subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements.Such risks are more fully discussed in Navios Partners filings with the Securities and Exchange Commission. The information discussed on this call should be understood in light of such risks. Navios Partners does not assume any obligation to update the information contained in this conference call. The agenda for today's call is as follows: We’ll begin this morning’s conference call with opening remarks from management team and after we’ll open the call to take questions.Now, I'll turn the call over to Navios Partners Chairman and CEO, Ms. Angeliki Frangou. Angeliki?

Thank you, [Laura], and good morning to all of you joining us on today's call. I am pleased with our results of the second quarter of 2019, during which Navios Partners reported $47.7 million of revenue and $22.3 million of adjusted EBITDA. Charter rate in the dry bulk sector have recovered after the tragic dam collapse in Brazil in January of this year.The Capesize [indiscernible] rate is currently at around $27,000, but they – and it’s about [indiscernible] the average Capesize [indiscernible] rate for the month of February, March, and April. NMM and a time charter equivalent of $14,130 per day for its fleet for the second quarter of 2019 and declared a quarterly distribution of $0.30 per unit representing a current income of approximately 7%.As you can see from Slide 5, NMM owns 37 vessels. In addition, NMM owns 33.5% of NMCI. After the 2018 distribution of 2.5% of the outstanding equity of NMCI to our unitholders. In sum, NMM has a strong balance sheet and competitive position in governing market in the dry bulk and container markets.Slide 6, sets forth the reasons we believe the Navios Partner is a premiere dry bulk shipping platform. We have about 635 million in remaining contracted revenue. Based on the current market rates, Navios Partners should generate about 60 million of free cash flow for 2019. We rewarded our unit holders with a 13.6 million and annual cash distribution equal to $1.20 per unit annually.We also have announced a 50 million unit repurchase program under which we have repurchased 0.3 million units year to date, representing approximately 3% of our unit outstanding. We have reduced our current debt by 8%, compared to year-end 2018 and have a modest net debt-to-book capitalization at the end of the second quarter of 2019 of 36.4%.…

Thank you, Angeliki, and good morning all. I will briefly review our unaudited financial results for the second quarter ended June 30, 2019. The financial information is included in the press release and is summarized in the slide presentation on the company's website. Please note for simplicity, the discussion of the financial results below excludes the effect of one-off items listed in Slide 10.Moving to the financial results, as shown in Slide 10, our revenue from the second quarter of 2019 decreased by 18% to $47.7 million, compared to $58.2 million for the second quarter of 2018. The decrease was mainly due to the 14.2% decrease in the time charter equivalent rate attributable in the second quarter of 2019, as well as the 12.8% decreased in our available days.Adjusted EBITDA for the second quarter of 2019 decreased to $22.3 million, compared to $34.7 million in the second quarter of 2018, primarily due to the decrease in revenues, as well as a $1.4 million decrease in equity in net earnings of affiliated companies. Our adjusted net loss for the quarter amounted to $1.4 million. Operating surplus for the second quarter of 2019 amounted 6.2 million. Replacement and maintenance CapEx reserve were 7.3 million. Fleet utilization for the first quarter of 2019 was almost 100%.Moving to the six months operations, time charter revenue for the six months decreased by 15% to $94.6 million, compared to $111.2 million in the first half of 2018. The decrease was mainly due to the 16.2% decrease in the time charter equivalent rate achieved in the first half of 2019. Adjusted EBITDA for the first half of 2019 amounted to $45 million, compared to $66.2 million in the same period of last year, primarily due to the decrease in the revenue. Adjusted net loss for the first…

Thank you, Efstratios. Please turn to Slide 17. The IMF forecast world GDP growth are 3.2% for 2019 and 3.5% in 2020. In spite of the continued U.S. China tariff issues, emerging and developing Asian markets, which drives dry bulk demand are expected to grow at a healthy 6.2% in 2019 and 2020.Due to the disruptions in the supply of iron ore in the beginning of the year, caused by the Vale mine accident in Brazil and weather issues in Australia, the PTI reached low 595 in mid-February. As iron ore shipments from both Australia and Brazil return to normal, Capsizes rates have dramatically improved reaching level not seen since 2014. The [BBI] crossed 2,100-mark last week for the first time since 2015.Moving to Slide 18. With iron ore prices $120 a ton and Chinese steel prices gone down by over [40 million] in the year to end of July, iron ore miners brought additional production online with [indiscernible] Brazilian miners increasing the exports. Forecast show an increase of about 70 million tons in global iron ore exports between the first and second half 2019, 37 million tons of weight will come from Brazil. These Atlantic based exports will drive [indiscernible] going forward.Coal and grain exports are also forecast to increase between the first and second half of 2019 by about 20 million tons. At the same time, the dry bulk demand is expected to increase, the supplier vessels expected to reduce during the second half of the year as vessels are rate profited with scrubbers. About 3% of the Capesize and [indiscernible] fleet is expected to be out of service in the second half of the year.Turning to Slide 19, Chinese steel production growth is an impressive 10% through June 2019. Chinese steel exports continue to be high, due…

Thank you, Georgios. We open the call to questions.

[Operator Instructions] Your first question comes from the line of Randy Giveans of Jefferies.

Hi, all. How are you doing?

Good morning. Hi, thanks.

Good morning. My first question, so obviously NMM robust cash balance, minimal debt and more to if you kind of alluded to, pretty significant free cash going forward, and obviously, a pretty massive distribution coverage ratio. So, with all that, how do you view the current distributions, do you expect any increases partly this year, now that dry bulk have improved so drastically?

The company, as you very well said, is in a very strong position, but we need to complete. As you saw, we announced the completion of our last piece for [branch finance of $140 million]. That will complete that refinancing of the Term Loan B before year end. And we do have now a little leverage, but about LTV’s including all our assets of about [50%], and we did all these and we used a lot of our cash. We used $50 million on the balance sheet – cash on the balance sheet, while we already have provided about – distribution of about – dividends of about 13.6 million to our investors [indiscernible] and about $5 million of buyback.So, we did a massive restructuring of our balance sheet to bring this leverage down, create a company with no – I mean we don't have any maturities until the end of 2021 and that is about [indiscernible] based on scrubber volume by $100 million and we have done all these while we gave $20 million back to our investors. So, I think we – first we need to complete this and I think we need to drive – we have to realize the lesson that we have to learn is to drive leverage down. What makes you a strong company is that you have a low leverage and the ability to really navigate, while we of course provide returns to our investors. I mean, we provided $10 million this year.

Okay. [Indiscernible] there. You know on the last call you said you basically have until 3Q 2020 time to complete the Term Loan B refinancing. Now, you're guiding to a kind of refinancing before the year end, so what has changed in recent months? Have the terms improved that much that you’re now pretty comfortable with it happening in the next few months as opposed to slipping into 2020?

Basically, we have completed the last piece so we will do it in – by September, October. I mean we will complete the entire financing. We did – if you see in Page 7, we announced a new facility of 140 million, that was the last piece that we are making on completing. And if you there, there is a bridge where you – we have done a [150 million] already refinancing on our Term Loan B from year end with the remaining 305 million being completed within the next couple of months until, you know, beginning of Q4.

Sure, sure. Okay. Well, it seems like you’re raising your targets there. And I guess lastly, for the vessels to charters expiring in the coming months, still the strategy is kind of keeping the smaller tonnage in the spot market, but possibly looking the lock away from the bigger Capesizes on term contracts?

No. Opportunistically we have finished vessels, you know, at a rate of 22,000. I mean as you have seen and – but – or 18,500 or 19,000 for the firm that sticks for five years. We are opportunistic, time to find in the high, in the Capesizes something something that we see on the – I think 20 is a good rate. On the rest of the vessels [indiscernible] and their evaluation of vessels that a lot of time [indiscernible]. In this [indiscernible], because that gives us the possibility to progress whenever we like and that is a much formal selection while it [indiscernible]. So, this is something that we will continue to do trying to maximize the return for – and specially for our investors.

Perfect. [Indiscernible] Solid quarter. Thank you.

Thank you.

Thank you. I now return the call to Ms. Angeliki Frangou for closing comments.

Thank you. This completes our second quarter numbers.

Thank you for participating in today’s conference call. You may now disconnect.